Japanese bank Sumitomo Mitsui Banking Corp is looking out to sell at least half of the stake it holds in Kotak Mahindra Bank. The Japanese company hopes to get around $300 million for the stake. Sumitomo held a 3.58% stake in the bank. The shares are being offered to buyers in a price range of Rs.611.34 to Rs.636.55 per share. After the transaction, Sumitomo’s stake in the bank will fall to around 1.79%. Sumitomo had acquired the stake in the bank in 2010 through a preferential allotment for Rs 1366 crore.
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